Indonesian mobile operator XL Axiata is reportedly seeking new loans to refinance around Rp1.7trn (US$147.57m) in debt this year.
The company is already talking to banks as the debt matures in the second half of 2014, according to local reports citing…
Indonesian mobile operator XL Axiata is reportedly seeking new loans to refinance around Rp1.7trn (US$147.57m) in debt this year.
The company is already talking to banks as the debt matures in the second half of 2014, according to local reports citing finance director Mohamed Adlan after its AGM yesterday.
The move comes shortly after it bought out its smaller rival Axis to create the country’s second-largest mobile player. That US$865m deal, which closed last month, was supported by around US$365m in debt from UOB Bank, Bank of Tokyo-Mitsubishi UFJ and DBS Bank.
XL Axiata listed total liabilities of Rp24.98trn (US$2.17bn) in its full year 2013 results, and a net debt/EBITDA margin of 1.9 times.
It reported Rp21.35trn (US$1.85bn) in gross revenue, relatively flat compared with Rp21.28trn the year before. Its 2013 EBITDA fell to Rp8.659trn (US$752m) from Rp9.745trn (US$846m) in 2012.
XL Axiata is 66.5% owned by Axiata Investment Indonesia, a wholly owned subsidiary of Axiata Investments (Labuan) Limited, which is itself wholly owned by Axiata Group Berhad (Axiata).
Axiata was founded in June 1992 and is one of the largest mobile operators in South Asia with controlling stakes in groups across Malaysia, Cambodia, Sri Lanka, Bangladesh and Pakistan.
